Wednesday, August 19, 2020

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Monday, August 17, 2020

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Friday, August 14, 2020

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Thursday, August 13, 2020

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Tuesday, August 11, 2020

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Monday, August 10, 2020

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Wednesday, August 5, 2020

British Essay Writers Reviews

British Essay Writers Reviews This will take away all the variations and help ensure your writing assignment meets expectations. If it’s for something informal and you simply need a general guideline, you can find it below. This is so arbitrary and will depend on the individual. I think that since teachers don’t give page assignments but only word count assignments, it’s difficult to imagine how many pages that will be. Do you know what fonts have the widest spacing so that they fill up the page more quickly? This is writing, and it's online, but it's not blogging, or Twittering, or Facebook status updating. Over time, I've found that it's also very helpful as a tool to get thoughts going that have become stuck, or to help get to the bottom of a rotten mood. This is a great guide, but people should be aware that these are just estimates. For example, I am currently writing a paper and have 5,000 words, but only 17 pages . Things like paragraph size and headers need to be taken into account as well. In my opinion, the maximum word count for an essay should be 1500. Any topic that needs to be explored will take many more words than this. If you don’t want to write, just admit it and don’t try to project that on others. Research, first draft writing, editing, and rewriting are all part of the writing process. If you write two, three or more days in a row, you get even more points. It's fun to try to stay on streaks and the points are a way to play around with that. You can also see how others are doing points-wise if you're at all competitive that way. How I see it, points can motivate early on, and eventually the joy of writing will kick in and you'll be writing without any external motivation at all. I've tried writing my 750 words a day on Livejournal, Wordpress, PBWorks, Tumblr, and all of these other sites designed around putting content online. The best way to know your per page word count would be to look at past pages and count the number of words you write for each page. it’s time consuming, but any other estimate is bound not to be accurate since it’s so dependent on your handwriting. I have a writing assignment in school, and it is always helpful to know how many pages I will need. I need to find a wide font so I don’t have to write as many words to fill up the pages on my assignment. If you can send me in the direction of the best wide font to do this, that would be great. If you are given a writing assignment with a page number, the best thing to do is go directly to the person who made the assignment and ask for a word count. It’s like asking the question, “how long does it take to write a book? ” For some, it will only take a couple of months while for others it will take a lifetime. it also depends on the type of writing you’re doing. I fear that I might accidentally forget to mark daily pages as private. And it's just weird having my private brain dumps out on various sites that are designed to be more social. I don't need to title my entries, or tag them, or enable comments, or any of that other stuff. This would depend heavily on how big/small you write. it’s like different fonts take up different amount of space on a page, so does your specific handwriting. Some writing is easy and quick and other writing is difficult and requires huge amounts of research. I disagree, I feel 250 words is way too less to explain any topic.

Tuesday, August 4, 2020

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Saturday, August 1, 2020

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Friday, July 31, 2020

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Thursday, May 28, 2020

Paleys Watchmaker An Evaluation - Literature Essay Samples

When considering the idea of a divine creator one might consider arguments made by analogy, as William Paley does in his work Natural Theology, as indications of such a creator’s existence. Paley constructs an argument by analogy by relating the universe to an intricate mechanical watch; because the complexity and order of a watch implies intelligent design, so too does the complexity and order of nature imply the existence of a immensely powerful creator who â€Å"understands its construction, and designed its use† (Paley). However, Paley’s conclusion that a perfect, all-powerful, omnipotent, and omnibenevolent creator is responsible for the natural world is undermined by both natural imperfections implying an imperfect creator and the purely natural premises leading him to a supernatural conclusion. Paley claims that as a watch’s intricacy and apparent purpose imply the existence of a watchmaker, the intricacy of the natural world implies the existence of an intelligent designer. If the perfect creator that Paley alludes to was responsible for the universe, then his creations, too, should be perfect. The natural world, however, is imperfect and organisms evolve over time to correct the imperfections of their antecedents. Although natural processes such as evolution and adaptation do not explain nature’s origins nor do they disprove the existence of a creator who provides the origin of life on which evolutionary theory relies, they act to exemplify nature’s imperfections and thus refute Paley’s idea of a perfect and perfectly acting creator. Consider the traits different groups of the same species develop within their unique environments. As Darwin discovered in his studies, various species of birds developed both physical and behavioral traits on the Galapagos Islands in response to their environment that differed from those of birds of the same genus in other parts of the world; the birds had adapted to their environment over several generations to achieve higher rates of survival (pbs.org). These adaptations were necessary for the birds to survive in the Galapagos where their primary source of food was exploited by a variety of other species. The complex and advantageous physical and behavioral traits that birds and other organisms evolve were not intelligently designed, as Paley suggests, but rather products of natural processes through the trial and error of pre-existing traits. If Paley’s creator were perfect, all-knowing, and all-good, it follows that he would know what traits would be maximally useful for his creations and thus provide them with these traits for their own benefit, thus rendering evolution and other natural processes unnecessary. Yet these processes are necessary to increase the survivability of spe cies, highlighting their biological imperfections and refuting Paley’s conclusion that a perfect and omnipotent creator is responsible for the universe as imperfect creations imply an imperfect creator (Archie). The existence of evil in the world raises similar objections to the idea of a perfect, perfectly moral creator. Furthermore, Paley’s argument is rooted in similarities that he observes between a crafted machine and the natural world. Because Paley is confronted with a crafted mechanical watch which nature clearly could not produce on its own, then a watchmaker must exist. And as the analogy goes, just as a crafted watch is complex and orderly, so too does the complexity and order of the natural world necessitate a creator, according to Paley. However, Paley’s analogy concerns complexity and order observable in nature, yet presumes an unnatural omnipotent creator: â€Å"The uncontroversial nature of such inferences has often been appropriated as a foundation for analogous arguments concerning (things in) nature. But in cases involving design in (or of) nature itself inferences are more problematic, since the intelligence in question would presumably not be natural† (Ratzsch, Stanford University). The complexity and order of the natural world are just that observable proper ties of nature. The premises on which Paley bases his conclusion are rooted in nature, yet his conclusion is the existence of a supernatural entity the perfect, omnipotent creator. Although Paley is correct that nature is incalculably complex and orderly, it does not follow that the origin of either its complexity or its order is a product of supernatural agency given that his premises are entirely natural. One might argue that natural processes, such as evolution and adaptation, do not refute Paley’s conclusion because they do not explain the origin of life. In a piece written for Time Magazine, author Amir Aczel asks, Why is our universe so precisely tailor-made for the emergence of life? This question has never been answered satisfactorily, and I believe that it will never find a scientific solution.† Although the scientific laws and theories help explain parts of the natural world, they rely on the pre-existing complexity and order of nature. Evolution is not an explanation for life; it is a function of life and relies entirely on life’s origin. Neither do other natural processes such as adaptive radiation or natural selection explain the origin of the natural world and thus, one might argue, their existence does not adequately counter Paley or other teleological arguments. Similarly, some proponents of Paley argue that imperfections in natural organisms do not n ecessitate an imperfect creator. Considering the philosophical â€Å"problem of evil,† Alvin Plantinga, the John A. OBrien Professor of Philosophy Emeritus at the University of Notre Dame, argues in his book The Nature of Necessity that Paley’s creator crafted creatures of free will, whose moral imperfections are of their own cause. â€Å"A world containing creatures who are significantly free (and freely perform more good than evil actions) is more valuable, all else being equal, than a world containing no free creatures at all. God can create free creatures, but He cant cause or determine them to do only what is right,† Plantinga writes, â€Å"for if He does so, then they arent significantly free after all; they do not do what is right freely. To create creatures capable of moral good, therefore, He must create creatures capable of moral evil The fact that free creatures sometimes go wrong, however, counts neither against Gods omnipotence nor against His good ness†¦Ã¢â‚¬  (166-167). Focusing on creatures’ moral imperfections, Plantinga argues that the existence of such imperfections does not refute the existence of a perfect, omnipotent creator. His argument follows that the creator had morally sufficient reasons for giving creatures free will but cannot force creatures to act in purely moral ways, alluding that some imperfections in the world are caused by the creatures themselves regardless of the creator’s perfection. Furthermore, some might argue that Paley’s supernatural conclusion can be adequately supported by strictly natural premises. Consider what some philosophers call â€Å"god of the gaps† arguments, or those that attempt to attribute phenomena or other gaps in scientific knowledge as proof of a creator’s existence. As Ratzsch wrote in the Stanford Encyclopedia of Philosophy, â€Å"Design cases resting upon natures alleged inability to produce some relevant ‘natural’ phenomenon are generally assumed to explicitly or implicitly appeal to supernatural agency.† If the unaided laws of nature as shown by empirical evidence and scientific theory could not produce the immense complexity and order observable in nature, then an appeal to the intervention of a creator seems plausible, Ratzsch points out. Proponents of â€Å"god of the gaps† arguments might argue that the immense complexity and order, or â€Å"gaps,† evident in nature can only be explained by an all-powerful creator because we otherwise lack the scientific prowess to explain the â€Å"gaps† empirically. In this case, the origin of both life and the vastly immense cosmos are â€Å"gaps† in definitive scientific knowledge that lead some, such as Paley, to conclude that an omnipotent creator is the only possible explanation for unexplained properties of the natural world. Overall, Paley draws an incredibly interesting comparison between the apparent design, purpose, and intricacy of nature and machine. Although natural processes such as evolution, adaptation, and natural selection do not disprove the existence of a creator, this however does not address Paley’s argument in its entirety. Paley claims that the complexity and order he perceives in a watch is analogous to that which he perceives in nature and because a watch relies on a creator for its complexity and order, so must the natural world. The fact that natural processes rely on life’s origin neither proves nor disproves Paley’s argument. These natural processes serve to explain aspects of natural complexity as well as exemplify the imperfections in nature that organisms evolve to overcome, which refutes Paley’s idea of a perfect, omnipotent creator. Thus, natural processes such as evolution and adaptation do not necessarily disprove the existence of a god, but count er Paley’s conclusion that the perceived complexity of nature necessitates the existence of a perfect, all-knowing, all-powerful, and all-good creator. While Plantinga’s â€Å"free will defense† may certainly account for why organisms deviate morally from the creator’s perfection and omnibenevolence, it does not account for why imperfections in organisms’ biology, which necessitate evolution and other natural processes, exist. These biological imperfections as discussed above refute Paley’s notion of an ideal, perfect, and omnipotent creator, regardless of free will accounting for certain imperfections as Plantinga argues. Finally, although â€Å"god of the gaps† arguments can pose important scientific questions, they suffer from both philosophical and historical problems. Philosophically, â€Å"gap† arguments, â€Å"Deny, in effect, the [theist] view of science, which is that science is ‘thinking [the creator’s] thoughts after him’; it does this by suggesting that we can only see [the creator] in the areas of nature which we do not understand, rather than seeing him most clearly in those which we do understand† (theopedia.com). Furthermore, these arguments lack the foresight of future scientific discoveries, and as such often fail throughout antiquity, seemingly jumping from a phenomena being currently unexplained by science to being explained by divine intervention. The existence of a creator is certainly a possible explanation for the origin of the universe. Paley, however, fails to present an adequate case for the existence of his perfect, omnipotent creator and as such, â€Å"the generalization in question could establish at best a probability, and a fairly modest one at that† (Ratzsch, Stanford University).

Saturday, May 16, 2020

Silas Marner By George Eliot - 1093 Words

Within the book Silas Marner by George Eliot, there are different depictions of religion. One faith chooses to focus wholly on God and his power to determine the lives of the people, whereas the other faith chooses to value people’s actions over how often they attend, or worship at church. Eliot describes the two differing religions as having flaws as well as virtues. However, Silas is inherently different at both locations Lantern Yard and Raveloe. How do his relationships differ in these two places, and what kind of importance do these relationships have on the religion of the region? Furthermore, is it also a question that is it religion that is responsible for forming relationships or is it that relationships are key to defining the type of religion practiced. These are some of the questions that will be explored in the following passages. The first depiction of religion is seen in Lantern Yard and is described as narrow minded and closed to society. While everyone is involved in the faith, it is solely based around worshipping God and overlooks the community relationships that strengthen faith. It does not require a community of people or families, merely â€Å"weaker followers† that can be overpowered and disposed as needed. This ideology can be seen when Silas is quickly excommunicated for a crime that he did not commit without a hearing or anything. To William, his long time friend, it didn’t matter that Silas had been a loyal follower and good friend for nine years; theShow MoreRelated Analysis of Silas Marner by George Eliot Essay2475 Words   |  10 PagesAnalysis of Silas Marner by George Eliot At the beginning of the novel Silas says There is not a just god that governs the Earth righteously, but a god of lies that bares witness against the innocent At the conclusion of the novel he says Theres good I this world Ive a feeling o that now What makes Silas change his mind, and what are the events leading up to his regeneration. Silas Marner is a novel based on the ups and downs of the main character, Silas and his friends, neighboursRead MoreEssay about Silas Marner by George Eliot819 Words   |  4 Pagesaction, no matter how big or how small, can define someone. The book Silas Marner, written by George Eliot, contains two characters whose paths overlap one another. Silas Marner, a poor-old man, got frame for a crime that he didn’t commit. With no evidence to back him up however, Silas got kick out of his town, forcing him to stay in the town Raveloe. His luck turns up when he adopts a young girl, Eppie. Eppie helps Silas learn to hope again for others. Another characters life that the bookRead MoreFactors To Change In Silas Marner By George Eliot2210 Words   |  9 PagesThe book â€Å"Silas Marner† has many factors that contribute to change. The book â€Å"Silas Marner† by George Eliot explains the mental change of the main character â€Å"Silas†. There were many circumstances that had caused Silas Marner to become a product of his environment. Silas Marner’s change is very shocking throughout the story. Here you will begin to comprehend what exactly caused such a drastic change in his demeanor and how this came to be. Silas’ main instruments of change is thievery. Silas lossesRead MoreThe Relationship Between Parents and Their Children in Silas Marner by George Eliot1458 Words   |  6 PagesTheir Children in Silas Marner by George Eliot A child more than all other gifts That Earth can offer to a declining man Brings hope with it and forward looking thoughts. William Wordsworth The novel Silas Marner was written by George Eliot in 1863. George Eliots realRead More How George Eliot Presents the Role of Fatherhood in Silas Marner784 Words   |  4 PagesHow George Eliot Presents the Role of Fatherhood in Silas Marner The novel Silas Marner is about a man who loses everything in his old hometown Lantern Yard, to the hands of his friend. He moves to a village called Raveloe which he stays at for 15 years. Being a weaver for so long, Marner has made himself a very small fortune, which becomes his life. When it is stolen by one of the other villagers, Silas feels he has once again lost everything until he finds a small girl which he names EppieRead MoreReap What You Sow in Silas Marner by George Eliot Essay943 Words   |  4 Pagesfact, I believe the exact opposite. I believe that people do in fact have the power to manipulate their fate; Based on the good or bad choices they’ve made in the past. The novel Silas Marner by George Eliot , helps to explain this. Through the actions of three major characters Dunstan Cass, Godfrey Cass, and Silas Marner. These characters were chosen because they all made good or bad choices throughout the novel with a clear punishment or reward; Or in other words these characters show how they controlRead MoreEssay on The History and Literary Context of Silas Marner1705 Words   |  7 PagesThe History and Literary Context of Silas Marner Silas Marner was written in 1860 by Mary Ann (Marian) Evans, better known under the pen name of George Eliot. She used this name for several reasons; for one, shed had affairs with a variety of unsuitable men, which was greatly frowned upon in those days, and she rightly thought this could affect her career as a successful novelist. For another reason, women authors were looked down upon by critics and indeed, society, so she felt sure sheRead MoreSilas Marner , Literary Analysis1174 Words   |  5 PagesThe Aspects of Parenting in Silas Marner â€Å"Love and Respect are the most important aspects of parenting and of all relationships.† Jodie Foster says. There are no constraints to love In the book of Silas Marner by George Eliot this is very true, all children need love and respect from their parents because all children have a privation of wanting to be loved. In the novel, Silas is a man who is living the life when his best friend William Pane accuses him of stealing from the church and SilassRead MoreSilas Marner Essay1626 Words   |  7 PagesSilas Marner George Eliot the pseudonym of Mary Anne Evans was born in Warwickshire, England in 1819. Eliot was one of the finest realists of Victorian fiction and produced a remarkable range of intellectual novels throughout her life, including the moral fable of Silas Marner. The 19th Century was an extremely patriarchal period, which Mary Anne Evans had to pen her name as George Eliot, otherwise her novels would not be published. George Eliot was a critic of theRead MoreMoral Values of Silas Marner and Godfrey Cass Essay1651 Words   |  7 PagesDictionary). Moral values are important in Silas Marner throughout the novel as those people who do good deeds are rewarded while those who fail in their moral duties to others are punished. As George Eliot was a religious person, she believed in fate and providence as there was a higher being rewarding and punishing our conduct. This theme is portrayed throughout the book and seen most prominently in the characters of Silas Marner and Godfrey Cass. Silas starts the story as a popular man from Lantern

Wednesday, May 6, 2020

Apple - 609 Words

INTRODUCTION In 1996, Apple was a struggling company that had lost more than 70% of its market capitalization in the past decade. Apple’s sales had fell dramatically and their new personal computers weren’t particularly popular with consumers. The return of Steve Jobs to the company was a turning point for Apple and initiated a new era for the firm. With the launch of innovative products such as the iPod, iPhone and iPad, Apple became the biggest brand in the world. Now it remained to be seen if Tim Cook would be able to continue to develop new products and maintain Apple’s success. PROBLEM STATEMENT ANALYSIS 1) Review Apple’s supply chain for the iPhone. What differences set it apart from its competitors? The supply chain†¦show more content†¦Apple has several key advantages in how it manages its supply chain operations. First by buying key components from suppliers in advance they ensure the steady supply of key parts. This risk is also countered by signing exclusivity agreements with some suppliers. In addition, these exclusivity agreements give them an advantage over their competitors who sometimes had to wait for key components due to the large demand from Apple. Another key advantage is that Apple maintains a close relationship with suppliers by working with them to update manufacturing processes and technology. 3) What are the challenges that Apple faces in the future, and what are the implications for its supply chain? In the case of the supply chain, Apple needs to maintain control over suppliers like it has been doing. The increasing competition form Samsung could affect the ability to obtain those exclusivity agreements. Apple faces several challenges, first they need to prove that they are capableShow MoreRelatedApple Production891 Words   |  4 PagesTotal production of apple fruit in Himachal Pradesh has increased from 892112 (MT) in 2010-11 to 777126 (MT) in 2015-16. In 2011-12 and 2014-15, apple production declined due to heavy rains and hail storms in apple orchids which effects its cultivation, after all apple production of Himachal Pradesh is growing rapidly. The pace of development is further jeopardized due to the dwindling apple production, owing to weather vagaries and market fluctuation and the production of apple during last few yearsRead MoreThe Arctic Apple1569 Words   |  7 PagesThe Arctic Apple was brought into development in 1996 by a Canadian fruit company, Okanagan Specialty Fruits (OSF), that hoped to engineer conventional apples to be nonbrowning and bring them to the markets for consumers. Currently, 40% of the apples being produced are wasted and much of this is a resul t of superficial bruising and browning (Lehrman, 2014). The company’s goal is to reduce apple waste while still maintaining the apple’s great taste and healthfulness (Arctic ® Apple, 2016). In essenceRead More Bad Apples Essay832 Words   |  4 PagesBad Apples A Poison Tree by William Blake is a short poem about life in general. The poem teaches its readers a valuable lesson about anger. Anger has power over ones’ mind and actions. If a person holds in their feelings, especially anger, it can pull that person down emotionally as evident in the poem A Poison Tree. This poem written by William Blake describes the darker emotions such as anger, hatred and Schadenfreude. The poem refers to apple bright in the garden which may lead readersRead MoreApple765 Words   |  4 Pagesthe company building Tags: Apple online store sales strategy From the Direct and channel pricing strategy to retail and online stores, Apple in the consumer electronics company in a unique way different from other sales oftheir products . If you know the channel the meaning of the word, you know it is definitely not an easy thing. But it achieved, and very successful. This raises two interesting questions: First, other companies are able to sell the same as Apple, or Apples sales and channelRead MoreApple Watch And Apple Pay997 Words   |  4 PagesApple Watch and Apple Pay Apple CEO Cook announced his first new major product Apple Watch and Apple Pay on September 2014, and these products has established the Tim Cook era. But Apple was not the smartwatch market pioneer, there are a lot of companies that have similar products like Apple does, such as Samsung, Lenovo/Motorola,and Lg, they have occupied a lot of market shares in the worldwide smartwatch market. The market for smartwatches is extremely competitive, but the Apple Watch providesRead MoreApple Social Problems Of Apple1193 Words   |  5 PagesApple Social Problems Apple is among the most valuable global brands in the world. The company is famous for its unique products and innovative technologies in the computers and mobile phone technologies. Apple s success is a result of effective management and cost cutting strategies employed by the leaders of the companies. The importance of Apple in the global business platform makes it a perfect case example for this paper. Steve Jobs, Ronald Wayne, and Steve Wozniak started the company in 1976Read MoreApple And Microsoft Vs. Apple974 Words   |  4 PagesApple and Microsoft Apple and Microsoft are the two largest firms in the industry of consumer electronics and computer manufacture. The two companies tend to have numerous similarities and differences. Microsoft and Apple simultaneously initiated their corporate structure. Currently, they are the best-earning top innovators and major rivals in the market, and their products are globally most utilized. This paper evaluates similarities and differences between Microsoft and Apple by exploring theirRead MoreApple : A Huge Apple Fanatic1322 Words   |  6 PagesThe company I chose is Apple. I am a huge Apple fanatic. Apple revolutionized computing, phones, and music. Many people use its products to help to eat, drink, sleep, work, travel, relax, read, listen, watch, shop, chat, and date. Apple has developed many flagship products to huge international acclaim. Anyone would be able to use these products once he or she gets them in hand although they are revolutionary, high-tech magic boxes. A cold â€Å"ma sculine† aesthetic that spoke of maturity, rational technologyRead MoreApple s Speech : Apple1816 Words   |  8 Pageskeynote, which is mostly all about iPhone and IOS. This year we got to see some new amazing products that apple unveiled, iphon6 and plus, apple watch, apple pay to compete against their archrivals Samsung. The keynote took place in Cupertino, where Steve Jobs introduced the first Macintosh to the world. Every keynote that apple has always been exciting, but this one was little extra exciting. Apple introduced a lot of great products to the people that will make them happy and will make their lives betterRead MoreThe Breeding of the Red-Fleshed Apples1285 Words   |  5 PagesThe breeding of the red-fleshed apples was originally from Kazakhstan and improvements of the apple was breed in order for the breeders to produce a apple that has high in Vitamin and as a healthy diet snack. The scientists have collected the apple’s seeds in order to let those seeds to grow in New Zealand. The red-fleshed apples were usually small back in Kazakhstan and it has a different taste which was a bit bitter and had a lack of quality in the commercial marketing. Also they have improved

Tuesday, May 5, 2020

Master free essay sample

Executive Summary The purpose of this report was to analyze the problems faced with the company called Kodak Eastman. Methods of analysis include SWOT, PESTLE and Porter’s Five Forces, which are frequently used to analyze the organization and the external environment. All details of these methods used in this case can be found in the appendices. In particular, there may be three factors mainly contribute to the fall of Kodak: new entry and existing competitors, carelessness of new technology and inconsistency in leadership. Recommendation discussed include: pay attention on quality of product, maintain the stability of leadership, introduce new powerful product and provide lower-cost consumable. 1.0 Introduction This report provides an analysis problems faced with the corporation whose name and product are familiar to the fans of photography, Eastman Kodak. Kodak was founded by George Eastman in 1888 and played a dominant role in photographic film market such as digital printing enterprise and Graphics, entertainment commercial films. Kodak was founded by George Eastman in 1888 and played a dominant role in photographic film market such as digital printing enterprise and Graphics, entertainment commercial films. However, Kodak has emerged from bankruptcy which means the old company will end up and a new Kodak will set up after the Chapter 11 restructuring ( IBS Center for Management Research 2012; Hedeen 2013). This report will give a brief introduction of Kodak Eastman firstly, and then analyze their current situation by using SWOT, PESTLE and Porter’s Five Forces. At last, some recommendations will be given on the aspects of how to deal with how to deal with the new and existing competitors, rapid development of technology and maintain the stability of leadership.2. 0 Analysis 2.1. Kodak Eastman: A Brief Introduction The company was founded by George Eastman and Henry Alvah Strong under the name Eastman Dry Plate Company in 1881, and renamed as Eastman Kodak Company in 1892. In the late 19th century, Kodak aimed at provide customers an operate simply camera with a lower price. For instance, although the pocket Kodak camera only cost US$5, Eastman still working hard to invent a low-cost cardboard box camera called ‘Brownie camera’, which sold for US$1 and used film sold at 15 cents per roll.The company continued to develop new technology product over the next 20 years and had been making a sharp rise in sales. However, Kodak started to losing ground within increasing competition from some other companies such as Fuji, Nikon Corporation, Canon Inc. and so on even Kodak continued developing new products. From 1993, Kodak refocus on its core business by spinning off its chemical company which had been running successfully (IBS Center for Management Research 2012). However, the company’s net income and market share still went down due to intense competition. At last, in the 21st century, Kodak began to struggle financially and announced emergence from bankruptcy in January 2012. (Hedeen 2013)2.2 Analysis of internal strengths and weaknesses by SWOT analysis Chermack (2007) assert that SWOT analysis can help companies to analyze internal as well as external environment and make appropriate decisions. Moreover, Chermack point out that the SWOT analysis model consist of six steps (as in figure 1) Figure 1. General model of SWOT analysis (Chermack 2007)Strength: To start with, the most obvious strength of Kodak is the strong brand image (MarketLine 2013). Kodak is one of the oldest and most famous brands around the world, since it was established for almost 125 years. Moreover, the study (IBS Center for Management Research 2012) show that it used to play a dominant role in market share till 1999 (from 79.2% in 1997 to 70.5% in 1999). The brand awareness will help them to capture leading position even in the competitive digital age. Weakness:However, according to IBS Center for Management Research (2012), one of the weaknesses of Kodak is inconsistency in leadership strategy. Kodak had been 13 president or CEO between 1884 and 2003, which means there had been many changes in policy in the company’s history. Furthermore, the leaders may cannot develop appropriate strategy in a short time. Besides, such changes may make the in-house leadership unhappy, which may negatively influence the brand image of the company.Additionally, MarketLine(2013) pointed out that lack of product diversification is another weakness of Kodak. For instance, in 1993, Kodak closed its chemical company which had been successfully to focus only on its core imaging business. Moreover, it sold some other businesses to ensure product concentration (IBS Center for Management Research 2012). It was indeed increased income of the company, but such discontinued operations may make aggressive impact to company in future, since the competitors like Cannon and Fuji offer more a wide variety of products and services. The opportunity and threat are also significant for analyzing the situation of Kodak. The opportunity include invented the first digital camera, strategic alliance. On the other hand, tough competitive environment, rapid development of technology may threaten the company’s result of operation and decision making (MarketLine 2013). The two-by-two matrix of SWOT analysis can be seen as Appendix I. 2.3 Analysis of external environment by using PESTLE methodMullins (2010) asserts that the management of opportunities, challenges and risks caused by the changing external environment is essential for organizational performance. PESTLE analysis is a popular method for analyzing the external environment. The letters of PESTLE stand for Political, Economic, Social, Technological, Legal and Environment. This section will focus on discussing economic and technological elements in relation to Kodak. Economic element:In considering the economic factor, the impact of Global Financial Crisis (GFC) cannot be ignored. The household incomes were lower in 2009 than they were in 2008 not only in low-income countries but also in middle-income countries (Foxley 2009; International Monetary Fund 2009). People became cautious in spending in such an economic environment. In spite of this, the price of Kodak’s price is still high, but its competitors such as Fuji, Canon cut down the price to attract more customers.Additionally, the row cost of films such as silver rose, as a result, Kodak had to increase the prices for its consumer and movie films (The USATODAY 2006). The increased cost of materials may affect Kodak’s earning. On the other hand, such problem will not affect the competitors since they are more focus on the digital market. Technological element:In the technological area, Kodak invented the first digital camera in 1975 and continued to develop new high-tech product such as OLED material and hold the dominant position on the film market and camera sales (IBS Center for Management Research 2012). Nevertheless, the competitors such as Sony introduced some filmless technology products which can record image on floppy disks. This make the growth of Kodak’s income decelerate. Despite Kodak introduced some new products to response, the products were unsuccessful. Even Kodak invented the world first digital camera, they did not catch the potential of digital product. On the other hand, Kodak’s competitors recognized that and started to focus on digital market. According to IBS Center for Management Research (2012 p13), ‘the fall of Kodak was a classic example which should serve to warn other companies that innovation alone was not enough.’ Insufficiency in speed of change and adoption of new technology is a significant reason for Kodak’s losing their market share to its competitors.Other elements: The other elements such as Political, Social, Environmental and Legal factors are also important to analyzing the Kodak’s case, which can be seen as Appendix II.2.4 Analysis of Competitive environment by using Porter’s five forces Porter (2008) points out that there are five forces that shape industry competition: threat of new entrants, threat of substitute products or service, bargaining power of suppliers, bargaining power of buyers and rivalry among existing competitors.In the 1950s, Japanese manufacturers s uch as Fuji, Olympus, Nikon entered the camera market as the new entrants and make a significant threat to the traditional power, Kodak. From then on, Fuji became the most powerful competitor since it provided substitute product such as photographic films and digital cameras of Kodak. Move to 1990s, such rival brands offered higher quality at a lower price product than Kodak. Therefore, buyers got the power to choose products in a lower price, which lead to the decline of Kodak’s market share (IBS Center for Management Research 2012). 3.0 Conclusions3.1 Kodak Eastman obtain a well know strong brand image which means it can rise up through making appropriate decisions by a stable leadership team. 3. 2 Study shows that Kodak Eastman lacks diversification in its products and services, whereas its competitors have a more diversified portfolio. This may causes it lose market share again in the future. 3.3 The Global Financial Crisis and the rise cost of raw material caused a economic problem to Kodak Eastman, which means it should rose up the price of its products at a same quality. Therefore, the buyers from low-income and middle-income countries would be cautious to buy such products. 3.4 The Kodak management underestimated the change of digital technology while the competitors recognized the potential of digital camera. Experts assert that this caused by alone innovation of Kodak Eastman. 3.5 Although faced keen competition from other companies such as Fuji, Nikon, Canon and so on. Kodak Eastman underrated such crisis. This resulted in Kodak fall in the creative digital age and came out of bankruptcy in 2013. 4.0 RecommendationsAccording to the analysis above of Kodak Eastman, the following recommendations are made: ? Since the strong brand image Kodak Eastman have obtained, it should pay more attention on improving quality of product and providing better after-sale service instead of advertisement. ?Maintain a stable leadership team which should include people from different areas to ensure that the diversification of its products. ? Be more focus on the digital market to decrease the cost of raw material of films such silver in the first five years of new Kodak company established. ?Allocate money in researching and developing new technology and introduce a new powerful, innovative product at the beginning of 2014. ?Provide low-cost and consumable product such as inkjet cartridges and camera batteries cheaper than the competitors.

Friday, April 17, 2020

Vietnam Bond Market free essay sample

In recent years, the issue of efficiently mobilizing capital has become the concern of all companies. There are some ways of doing this: borrowing from the banks, issuing stocks or issuing bonds. However, when the interest rate of borrowing from banks is very high due to high inflation, together with the stock market is quite instable; calling for capital from bond market is much more preferred by investors. In the context of this report, some major points regarding the bond market in Vietnam are presented. Firstly, a common picture about the Vietnam bond market is drawn. Next come the types of bonds and major participants in this market. Finally, several ways by which bonds are issued are described in details. I/ Overview of Vietnam bond market The Vietnam bond market was established in 2000, but it only developed sharply after 2002 when the government allowed issuing many types of bonds and especially after the appearance of the Ho Chi Minh stock exchange. We will write a custom essay sample on Vietnam Bond Market or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Recently, the outstanding volume of bonds has increased rapidly, as shown in the graph below. Figure 1. Bonds outstanding volume and bond outstanding/ GDP. Source: Ministry of Finance of Vietnam) Up to the year 2006, the proportion of outstanding bond volume over GDP reached the figure of 13%, in comparison with only 3% in 2001. Nevertheless, compared with the Vietnam stock market that accounts for more than 40% of the total GDP, that of bonds is very low. In particular, this rate of Vietnam is far below the level of other countries in Asia. In most Asia countries, the bond accounts for more than half of the total GDP whereas in Vietnam, it takes less than 15% of GDP. Figure 2. Outstanding bond volume/GDP in some Asia countries. Source: Ministry of Finance of Vietnam) All things considered, one of the main features easily to be realized in Vietnam now is that the bond market has not been attractive enough to most investors. Yet, according to many specialists, it is likely that this market will become an extremely attractive capital-mobilizing channel in the near future. II/ Types of bonds At the moment, there are three main types of bonds in Vietnam: government bonds, municip al bonds and corporate bonds. Here comes the pie chart showing the proportion of each types contributing to Vietnam bond market. Figure 3: Proportion of different types of bonds (Source: Ministry of Finance of Vietnam) As can be seen, the government bonds, which are issued by both the State Treasury of Vietnam and the Vietnam Development Bank, dominate almost the market with 64% and 18% respectively. The municipal bonds currently issued by three local governments including Hanoi, Ho Chi Minh and Dong Nai, account for only 7% of the total. The rest 11% belongs to the corporate bonds which are issued by the companies. Nevertheless, there are many intensive conditions of the government for issuing corporate bonds. Therefore, until now there are only 10 companies who meet enough conditions to issue corporate bonds, such as EVN, Vinashin, Song Da Corporation, etc. In comparison with other countries in the region, the structure of Vietnam bond market is quite different. Figure 4: Structure of bond market in some Asia countries (Source: Ministry of Finance of Vietnam) While in Korea, Singapore and especially Malaysia, the contribution of government and corporate bonds to the market is quite balance, that of Vietnam shows a significant difference. Government bonds dominate more than three forts of the market, and the rest 11% belongs to corporate bonds. That large disparity warns that we are dealing with a strange situation in bond market and some actions need to be taken to balance the two types of bonds. III/ Major participants 1. Individual investors According to the SSC, until September 2008, the number of investors had increased by 47 per cent to 460,000 compared with last December. In fact, when in many other countries, institutional investors usually make up a large part of the securities market, the situation in Vietnam is on the contrary with individual holding 70% of the total accounts. However, Vietnamese individual investors still prove to be unprofessional for some reasons: Main source of capital usually coming from banks, lack of reliable information about the market, limitation in accurate evaluation of the value of bonds and the bond issuing organizations. Therefore, they have tendency to invest following the majority: sell immediately when prices of securities decrease and buy right away when prices increase. This will lead to the high fluctuation of the market, so easily results in the losses suffering of many investors. 2. Fund managers Fund management is the professional management of various securities (shares, bonds etc. ) to meet specified investment goals for the benefit of the investors. Fund management companies play an important part in the development of securities market. Since the establishment of VietFund Management, the first fund management company in Vietnam in 2003, until now, 38 fund managers have been granted operation licenses by SSC. Among them, FPT Fund Management Joint Stock Company has the highest chartered capital with 110 billion VND and Lotus IMC has lowest charter capital with 5 billion VND. . Brokers Broker has recently occupied the position of the hottest career for youngsters, although it is still new in Vietnam. The term â€Å"broker† is used to indicate a qualified and regulated professional who buys and sells all kinds of securities through market makers or Agency Only Firms on behalf of investors. Brokers play a leading role in developing securities market, and since the esta blishment of bond market in Vietnam, the number of brokers has increased rapidly, with hundreds of people working for nearly 100 brokerages (according to vietbao. net). In 2008, due to the new regulation of The Ministry of Finance, brokerages are now the main target for the bond market. However, the lack of knowledge and experience has left Vietnamese brokers with some fatal weakness: limited in quantity, unable to perform all the service (in Vietnam, brokers only concentrate on execution, instead of advisory and discretionary dealing), lack of certificate and qualification, etc. IV/ The number of companies listed There exists an inequality in the number of securities in the Vietnam. Over 300 stocks and 600 bonds are now listed even though the stock market is more active than that of bond. Another noticeable feature is that bond market has only 10 corporate listings, compared to over 600 government listings, in which most issuers are state-owned corporations. V/ Issuance of bonds Basically, there are two ways of issuing bonds: private placement and public offering 1. Private placement This is the direct sale of securities to a limited number of investors, often the institutions such as mutual funds or insurance companies. Compared to public bonds, those bonds are more likely to have call provision. The issuers usually take their bonds back before the maturity date. Certainly, the bonds that are more callable are riskier because the investors whose bonds have been called have to face with reinvestment risk. However, investors can get higher rate of return as compensation for the risk they bear. Definitely, such bonds are more in favor of the risk-lovers. 2. Public offering Public offering means the issuance in which securities can be exchanged widely among the public. The separation of private placement and public offering aims at ensuring that the companies using public offering must have high-quality, good operations in order to protect the public from the default risk. Public offering can take the forms of underwriting or auction. 2. 1. Underwriting When a company wants to go public, the first thing it does is to hire an intermediary known as underwriter. In most situations, the underwriters are the investment banks that act as the middleman between the public and the corporation. If the investment bank and company reach an agreement to do underwriting then investment bank will buy the new securities for an agreed price, and resell them to the public at a markup, bearing all of the expenses associated with the sale. The company gets the guaranteed funds even if the investment bank does not sell all of the securities. Thus, the investment bank takes a significant risk in a firm commitment. 2. 2. Auction Auctions are designed to minimize the cost of financing the corporate debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process from the announcement of a new issue to the delivery of securities reveals how these objectives have been met. However, in the recent times, many of Vietnamese government bond auctions have not been successful. The major cause is supposed that the government can not match the coupon rate of private investors. Creditors usually applied a high level of coupon that the government can not offer. Both customers and suppliers cannot meet at the common point to bring bonds to market. Conclusion There have been much more debate among the issues of Vietnam bond market and some discussion points should be noticed. Regarding the domination of government compared to corporate bonds, two main causes have been drawn. Firstly, there are many intensive conditions for companies to issue corporate bonds. Beside the requirement of owning at least 10 billion chartered capital and making a profit of the previous year, the companies need to have no bad debts over 1 year and prepare the audited financial statements of the last year to ensure transparency for investors. Secondly, default risk is higher with corporate bonds than government bonds that also means a higher interest rate of corporate bonds. Therefore, very few companies can afford this type of cost and few companies issue corporate bonds as a result. Concerning the difference between Treasury Bills and Treasury Bonds, even they are both issued by the Government and bearing no default risk, their maturity dates are far different. Treasury Bills have the short terms of 3 months or 6 months whereas Treasury Bonds have long terms of 5 years, 10 years or more. The issue of high inflation has a significant influence on Vietnam bond market, one of which is the decrease in value of bonds. Apparently, the price of bond is equal to the coupon divided by the bond yield. Coupon is fixed, so when inflation rate is high, leading to high bond yield, the bond price falls accordingly. Noticeably, although bonds have lower default risk premium than stocks, their liquidity risk premium is considerably higher than that of stock. The low liquidity of bonds compared to stocks can be explained by two reasons. Firstly, the stock market is much more active than bond which pushes up the transactions of stocks among investors and increases liquidity of stocks. More importantly, the value of bonds in each transaction is quite large (about 500 million VND for each), few companies can afford them and therefore, makes it harder to exchange bonds in the market. After purchasing those bonds, investors tend to hold them until the maturity dates, which significantly reduces the liquidity of bonds. Moreover, it has been asked the reasons why the rate of individual investors in Vietnam is much higher than other countries (70% and 30% respectively). It is supposed that buying bonds is almost compulsory with individual employees in the workplace. Moreover, investment funds have not yet implemented their roles effectively in Vietnam, so small source of capital can not be gathered to make up the market for institutional investors. It is also important to differentiate between the brokers and market makers or dealers. The dealers act as both buyer and seller of bonds. They purchase bonds from investors and then resell them at a higher price to others. Meanwhile, the brokers do not actually make any purchasing, and only act as intermediaries between investors and dealers. Finally, the question about the difference in interest rate of bonds issued under private placement and public offering was raised. As mentioned in the report, the holders of private placement bonds often bear reinvestment risk, which in turn leads to higher return or higher interest rate. That is the reason why the interest rate of bonds issued by private placement is usually higher than that of public offering. All in all, there still exists a lot of concerning around the topic of the Vietnam bond market. General speaking, this market has not developed accordingly to its potential. However, with the efforts of Vietnam Government to enhance the bond market’ operations, a bright perspective has been open to this field. Vietnam Bond Market free essay sample In recent years, the issue of efficiently mobilizing capital has become the concern of all companies. There are some ways of doing this: borrowing from the banks, issuing stocks or issuing bonds. However, when the interest rate of borrowing from banks is very high due to high inflation, together with the stock market is quite instable; calling for capital from bond market is much more preferred by investors. In the context of this report, some major points regarding the bond market in Vietnam are presented. Firstly, a common picture about the Vietnam bond market is drawn. Next come the types of bonds and major participants in this market. Finally, several ways by which bonds are issued are described in details. I/ Overview of Vietnam bond market The Vietnam bond market was established in 2000, but it only developed sharply after 2002 when the government allowed issuing many types of bonds and especially after the appearance of the Ho Chi Minh stock exchange. We will write a custom essay sample on Vietnam Bond Market or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Recently, the outstanding volume of bonds has increased rapidly, as shown in the graph below. Figure 1. Bonds outstanding volume and bond outstanding/ GDP. Source: Ministry of Finance of Vietnam) Up to the year 2006, the proportion of outstanding bond volume over GDP reached the figure of 13%, in comparison with only 3% in 2001. Nevertheless, compared with the Vietnam stock market that accounts for more than 40% of the total GDP, that of bonds is very low. In particular, this rate of Vietnam is far below the level of other countries in Asia. In most Asia countries, the bond accounts for more than half of the total GDP whereas in Vietnam, it takes less than 15% of GDP. Figure 2. Outstanding bond volume/GDP in some Asia countries. Source: Ministry of Finance of Vietnam) All things considered, one of the main features easily to be realized in Vietnam now is that the bond market has not been attractive enough to most investors. Yet, according to many specialists, it is likely that this market will become an extremely attractive capital-mobilizing channel in the near future. II/ Types of bonds At the moment, there are three main types of bonds in Vietnam: government bonds, municipal bonds and corporate bonds. Here comes the pie chart showing the proportion of each types contributing to Vietnam bond market. Figure 3: Proportion of different types of bonds (Source: Ministry of Finance of Vietnam) As can be seen, the government bonds, which are issued by both the State Treasury of Vietnam and the Vietnam Development Bank, dominate almost the market with 64% and 18% respectively. The municipal bonds currently issued by three local governments including Hanoi, Ho Chi Minh and Dong Nai, account for only 7% of the total. The rest 11% belongs to the corporate bonds which are issued by the companies. Nevertheless, there are many intensive conditions of the government for issuing corporate bonds. Therefore, until now there are only 10 companies who meet enough conditions to issue corporate bonds, such as EVN, Vinashin, Song Da Corporation, etc. In comparison with other countries in the region, the structure of Vietnam bond market is quite different. Figure 4: Structure of bond market in some Asia countries (Source: Ministry of Finance of Vietnam) While in Korea, Singapore and especially Malaysia, the contribution of government and corporate bonds to the market is quite balance, that of Vietnam shows a significant difference. Government bonds dominate more than three forts of the market, and the rest 11% belongs to corporate bonds. That large disparity warns that we are dealing with a strange situation in bond market and some actions need to be taken to balance the two types of bonds. III/ Major participants 1. Individual investors According to the SSC, until September 2008, the number of investors had increased by 47 per cent to 460,000 compared with last December. In fact, when in many other countries, institutional investors usually make up a large part of the securities market, the situation in Vietnam is on the contrary with individual holding 70% of the total accounts. However, Vietnamese individual investors still prove to be unprofessional for some reasons: Main source of capital usually coming from banks, lack of reliable information about the market, limitation in accurate evaluation of the value of bonds and the bond issuing organizations. Therefore, they have tendency to invest following the majority: sell immediately when prices of securities decrease and buy right away when prices increase. This will lead to the high fluctuation of the market, so easily results in the losses suffering of many investors. 2. Fund managers Fund management is the professional management of various securities (shares, bonds etc. ) to meet specified investment goals for the benefit of the investors. Fund management companies play an important part in the development of securities market. Since the establishment of VietFund Management, the first fund management company in Vietnam in 2003, until now, 38 fund managers have been granted operation licenses by SSC. Among them, FPT Fund Management Joint Stock Company has the highest chartered capital with 110 billion VND and Lotus IMC has lowest charter capital with 5 billion VND. . Brokers Broker has recently occupied the position of the hottest career for youngsters, although it is still new in Vietnam. The term â€Å"broker† is used to indicate a qualified and regulated professional who buys and sells all kinds of securities through market makers or Agency Only Firms on behalf of investors. Brokers play a leading role in developing securities market, and since the esta blishment of bond market in Vietnam, the number of brokers has increased rapidly, with hundreds of people working for nearly 100 brokerages (according to vietbao. net). In 2008, due to the new regulation of The Ministry of Finance, brokerages are now the main target for the bond market. However, the lack of knowledge and experience has left Vietnamese brokers with some fatal weakness: limited in quantity, unable to perform all the service (in Vietnam, brokers only concentrate on execution, instead of advisory and discretionary dealing), lack of certificate and qualification, etc. IV/ The number of companies listed There exists an inequality in the number of securities in the Vietnam. Over 300 stocks and 600 bonds are now listed even though the stock market is more active than that of bond. Another noticeable feature is that bond market has only 10 corporate listings, compared to over 600 government listings, in which most issuers are state-owned corporations. V/ Issuance of bonds Basically, there are two ways of issuing bonds: private placement and public offering 1. Private placement This is the direct sale of securities to a limited number of investors, often the institutions such as mutual funds or insurance companies. Compared to public bonds, those bonds are more likely to have call provision. The issuers usually take their bonds back before the maturity date. Certainly, the bonds that are more callable are riskier because the investors whose bonds have been called have to face with reinvestment risk. However, investors can get higher rate of return as compensation for the risk they bear. Definitely, such bonds are more in favor of the risk-lovers. 2. Public offering Public offering means the issuance in which securities can be exchanged widely among the public. The separation of private placement and public offering aims at ensuring that the companies using public offering must have high-quality, good operations in order to protect the public from the default risk. Public offering can take the forms of underwriting or auction. 2. 1. Underwriting When a company wants to go public, the first thing it does is to hire an intermediary known as underwriter. In most situations, the underwriters are the investment banks that act as the middleman between the public and the corporation. If the investment bank and company reach an agreement to do underwriting then investment bank will buy the new securities for an agreed price, and resell them to the public at a markup, bearing all of the expenses associated with the sale. The company gets the guaranteed funds even if the investment bank does not sell all of the securities. Thus, the investment bank takes a significant risk in a firm commitment. 2. 2. Auction Auctions are designed to minimize the cost of financing the corporate debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process from the announcement of a new issue to the delivery of securities reveals how these objectives have been met. However, in the recent times, many of Vietnamese government bond auctions have not been successful. The major cause is supposed that the government can not match the coupon rate of private investors. Creditors usually applied a high level of coupon that the government can not offer. Both customers and suppliers cannot meet at the common point to bring bonds to market. Conclusion There have been much more debate among the issues of Vietnam bond market and some discussion points should be noticed. Regarding the domination of government compared to corporate bonds, two main causes have been drawn. Firstly, there are many intensive conditions for companies to issue corporate bonds. Beside the requirement of owning at least 10 billion chartered capital and making a profit of the previous year, the companies need to have no bad debts over 1 year and prepare the audited financial statements of the last year to ensure transparency for investors. Secondly, default risk is higher with corporate bonds than government bonds that also means a higher interest rate of corporate bonds. Therefore, very few companies can afford this type of cost and few companies issue corporate bonds as a result. Concerning the difference between Treasury Bills and Treasury Bonds, even they are both issued by the Government and bearing no default risk, their maturity dates are far different. Treasury Bills have the short terms of 3 months or 6 months whereas Treasury Bonds have long terms of 5 years, 10 years or more. The issue of high inflation has a significant influence on Vietnam bond market, one of which is the decrease in value of bonds. Apparently, the price of bond is equal to the coupon divided by the bond yield. Coupon is fixed, so when inflation rate is high, leading to high bond yield, the bond price falls accordingly. Noticeably, although bonds have lower default risk premium than stocks, their liquidity risk premium is considerably higher than that of stock. The low liquidity of bonds compared to stocks can be explained by two reasons. Firstly, the stock market is much more active than bond which pushes up the transactions of stocks among investors and increases liquidity of stocks. More importantly, the value of bonds in each transaction is quite large (about 500 million VND for each), few companies can afford them and therefore, makes it harder to exchange bonds in the market. After purchasing those bonds, investors tend to hold them until the maturity dates, which significantly reduces the liquidity of bonds. Moreover, it has been asked the reasons why the rate of individual investors in Vietnam is much higher than other countries (70% and 30% respectively). It is supposed that buying bonds is almost compulsory with individual employees in the workplace. Moreover, investment funds have not yet implemented their roles effectively in Vietnam, so small source of capital can not be gathered to make up the market for institutional investors. It is also important to differentiate between the brokers and market makers or dealers. The dealers act as both buyer and seller of bonds. They purchase bonds from investors and then resell them at a higher price to others. Meanwhile, the brokers do not actually make any purchasing, and only act as intermediaries between investors and dealers. Finally, the question about the difference in interest rate of bonds issued under private placement and public offering was raised. As mentioned in the report, the holders of private placement bonds often bear reinvestment risk, which in turn leads to higher return or higher interest rate. That is the reason why the interest rate of bonds issued by private placement is usually higher than that of public offering. All in all, there still exists a lot of concerning around the topic of the Vietnam bond market. General speaking, this market has not developed accordingly to its potential. However, with the efforts of Vietnam Government to enhance the bond market’ operations, a bright perspective has been open to this field.